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Home My WebLink About110812 rm agn & min Sanford Police ° 'icers' Retiree rent System Susy Pita, Pension Plan Administrator • 21629 Stirling Pass • Leesburg, Florida 34748 4 I ' Phone: 352-787-9795 : Fax: 352-787-2699 f NOTICE OF MEETING - Posted November 1, 2012 Thursday, November 8, 2012 at 10:30 a.m. City Hall — Railroad Conference Room - 2 Floor AGENDA 1. Call to Order and Roll Call 2. Approval of Minutes: (a) Regular Meeting — August 9, 2012 (b) Special Meeting — August 30, 2012 3. Approval of Disbursements 4. Investment Manager's Report — State Street Global Advisors 5. Investment Consultant's Report 6. Attorney's Report 7. Old Business: (a) Status of Ordinance -Group Investment Trusts (b) Commission Appointed Trustee Position (c) Member Elected Trustee Position (d) 5 Member Appointed Trustee Position 8. New Business 9. Next Meeting Date: February 7, 2013 at 10:30 a.m. 10. Adjournment DISABILITY INFORMATION: In accordance with the Americans with Disabilities Act and F.S.S. 286.26, persons with disabilities needing special accommodation to participate in this meeting should contact Susy Pita, Plan Administrator, no later than seven days subsequent to the proceeding at 352 - 787 -9795 for assistance. If hearing impaired, call the Florida Relay Service Numbers at 800- 955- 8771 (TDD) or 800 - 955 -8770 (VOICE) for assistance. APPEAL NOTICE: If a person decides to appeal any decision made by the Board, with respect to any matter considered at such meeting or hearing, that person will need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which appeal is to be based. SANFORD POLICE OFFICERS' RETIREMENT SYSTEM PENSION BOARD MEETING MINUTES Thursday, November 8, 2012 — 10:30 A.M. 1. Call to Order and Roll CaII The meeting was called to order at 10:35 a.m. by the Chairman, Darrel Presley. The following members were present: Chris Collison, Bill Elliott and Alan Smith. The following service providers were in attendance: Scott Christiansen, Plan Counsel, and Greg McNeillie, Investment Consultant. Cindy Lindsay, from the Finance Department, was also present. 2. Approval of Minutes A motion was made by Chris Collison to approve the minutes from the regular meeting held August 9, 2012 and the special meeting held August 30, 2012. Seconded by Bill Elliott, the motion carried unanimously. 3. Disbursements The Plan Administrator made note of one add -on item to the report. A motion was then made by Alan Smith to approve the disbursement report as amended. Seconded by Chris Collison, the motion carried unanimously. (Copy is attached for the record.) 4. Investment Manager's Report — State Street Global John Black presented the State Street portfolio results for the period ending September 30, 2012. Market value of the Plan portfolio was $3,369,729. 5. Investment Consultant's Report — Dahab Associates Greg McNeillie began his report to the Board by informing the Trustees that the Plan closed the year at 20.3 %. He then reviewed the performance report as of September 30, 2012. Asset allocation for the period: Large Cap Equities — 47.0 %, SMid Cap Equities — 13.6 %, International Equity — 11.5 %, Fixed Income — 22.4% and Cash — 5.5%. Total portfolio value was $29,255,966. 6. Attorney's Report Scott began his report by discussing the FYE letter and performance report that needs to go to the City. He also touched on the topics of new beneficiary forms, new tax laws (which will ultimately require another IRS Compliance Ordinance) and the issues posed by the "Naples Letter ". Scott also addressed the letter he sent to Rosie Skiba back in June regarding the over payment of benefits she received after her husband's death. She has not responded in any way. Following a brief discussion, Bill Elliott offered to reach out to Ms. Skiba to see if she has the ability to repay the benefits. He will follow up with the Board at the next meeting. 7. Old Business (a) The Ordinance drafted to include the addition of Group Investment Trust allocations was presented to the City Commission for first reading on 10/22/12. The second /final reading is scheduled for 11/12/12. The Plan Administrator will follow -up on this matter and see to the proper distribution. Page 2 of 2 Sanford Police Officers' Retirement System November 8, 2012 (b) The City Commission is expected to appoint someone to the Trustee position that was held by John Metsopoulos at their next meeting (on 11/12/12). (c) A member election was conducted and Chris Collison was re- elected by the members to serve another four year term. A motion was made by Alan Smith to ratify the election results. Seconded by Bill Elliott, the motion carried unanimously. (d) Darrel Presley was reappointed to the 5th Member Trustee position at the last regular meeting (contingent on Chris Collison's re- election for voting purposes). Now that the election has been completed and ratified, the Plan Administrator will send a letter to the City Commission to ratify the 5 member appointment. 8. New Business The 2013 meeting schedule was distributed and reviewed. The Plan Administrator will distribute the schedule accordingly. Bill Elliott led a brief review and discussion of the Plan's performance and addressed certain investment criteria that he feels the Board should keep in mind going forward. Greg McNeillie agreed to notify the Investment Managers that according to the Investment Policy Guidelines, they may, at their discretion, invest up to 100% of their portfolio in cash should they feel that that course of action is necessary given certain economic conditions. 9. Next Meeting Date The next regular meeting date was set for Thursday, February 7, 2013 at 10:30 a.m. 10. Adjournment The meeting ended at 12:35 p.m. • (for the Board) CITY OF SANFORD POLICE OFFICERS' PENSION FUND Disbursement Report November 8, 2012 Date Issued to: Issued for: Amount 08/10/12 Foster & Foster Actuarial Svcs. $895.00 08/10/12 State Street Global Management Svcs. $6,688.89 08/22/12 Christiansen & Dehner Legal Services $405.60 09/01/12 Susy Pita Administrative Svcs. $1,000.00 09/12/12 Christiansen & Dehner Legal Services $2,716.77 10/01/12 Susy Pita Administrative Svcs. $1,000.00 10/05/12 Christiansen & Dehner Legal Services $135.20 10/16/12 Lee Munder Capital Management Svcs. $7,379.35 10/16/12 Sawgrass Asset Mgmt. Management Svcs. $11,024.00 10/25/12 Salem Trust Custody Services $4,726.66 10/29/12 Great Lakes Advisors Management Svcs. $8,550.94 11/01/12 Susy Pita Administrative Svcs. $1,000.00 11/01/12 Atlanta Capital -Final Bill Management Svcs. $5,777.00 � A I Ow l tic) 6 l 12 Da—tile C 6Y 1 - 4,vie SO es . -4 i a,&57.3 Date Contribution Refunds: Amount None Date DROP Distributions: Amount None